Subchapter S Corporation - Federal Tax Issues for the Shareholders
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Session Begins: 1:00 PM ET/12:00 PM CT/11:00 AM MT/10:00 AM PT
Session Concludes: 3:00 PM ET/2:00 PM CT/1:00 PM MT/12:00 PM PT
The Form 1120-S is unique because it provides for the pass-through of corporate income deduction, losses and credits. It also provides for the issuance of attributes of both payroll and distributions to the active shareholders of the S Corporation. The pass-through treatment of each of the business attributes is also reported separately on the individual income tax returns. Tax considerations such as stock basis, debt basis, reasonable compensation, depreciable assets, and shareholder distributions will be reviewed.
At the completion of this session, the participants will be better equipped to:
- Understand the elements of preparing the Form 1120-S, U.S. Income Tax Return for an S Corporation;
- Identify the elements of the Schedule K-1 (Form 1120-S) which reports the shareholder’s share of the corporation’s income, deductions, credits, etc.
- Properly account for the individual shareholder’s stock basis and debt basis, the distribution of capital, and the effect basis has on the limitation of losses passed through to the shareholder’s on their Schedule K-1.
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Webinars are interactive audio-visual presentation courses led by an NSTP Instructor. These courses include a pre-recorded session and may also include PowerPoints slides, a PDF textbook or both.
Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author,the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
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